Viridian Therapeutics Announces Exercise in Full and Closing of Underwriters’ Option to Purchase Additional Shares in Public Offering

Rhea-AI Summary

Viridian Therapeutics (NASDAQ: VRDN) announced the issuance of 1,725,000 additional shares at $23.50 each, raising approximately $40.5 million. This follows the previous public offering of 11,352,640 shares, totaling around $311 million in gross proceeds. The funds will support clinical development programs, working capital, and general purposes. The offering was facilitated by Jefferies, SVB Securities, and Evercore ISI. Viridian is focused on developing treatments for underserved diseases, with key programs aimed at thyroid eye disease.

Positive

• Raised approximately $40.5 million through the issuance of additional shares.
• Total gross proceeds from the public offering amount to around $311 million.
• Funding will support clinical development and working capital, potentially driving future growth.

Negative

• Issuance of additional shares may lead to shareholder dilution.

WALTHAM, Mass., Aug. 25, 2022 (GLOBE NEWSWIRE) -- Viridian Therapeutics, Inc. (NASDAQ: VRDN), a biotechnology company advancing new treatments for patients suffering from serious diseases underserved by current therapies, today announced that it has issued an additional 1,725,000 shares of common stock at a public offering price of $23.50 per share, resulting in additional gross proceeds of approximately $40.5 million, pursuant to the exercise in full of the underwriters’ option to purchase additional shares of common stock in connection with the Company’s previously announced public offering of common stock and Series B Preferred Stock. After giving effect to the full exercise of the underwriters’ option to purchase additional shares of common stock, the total number of shares of common stock sold by Viridian in the underwritten public offering was 11,352,640 shares. In addition, approximately 1,872,360 shares of common stock are issuable upon conversion of the 28,084 shares of Series B Preferred Stock sold in the offering. The gross proceeds from the sale of shares of common stock and Series B Preferred Stock were approximately $311 million, before deducting underwriting discounts and commissions and other offering expenses payable by Viridian.

Viridian intends to use the proceeds from the underwritten public offering to further its clinical development programs, as well as for working capital and general corporate purposes.

Jefferies, SVB Securities and Evercore ISI acted as joint book-running managers for the offering. LifeSci Capital acted as lead manager for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) and became effective on November 17, 2021. A final prospectus supplement relating to and describing the terms of the offering has been filed with the SEC. The securities described above have not been qualified under any state blue sky laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offering was made only by means of a prospectus, copies of which may be obtained at the SEC’s website at www.sec.gov, or by request to Jefferies LLC (Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022; telephone: 877-821-7388; email: Prospectus_Department@Jefferies.com), SVB Securities LLC (Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109; telephone: 800-808-7525, ext. 6105; email: syndicate@svbsecurities.com), or Evercore Group L.L.C. (Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055; telephone: 888-474-0200; email: ecm.prospectus@evercore.com).

About Viridian Therapeutics, Inc.

Viridian Therapeutics is a biotechnology company advancing new treatments for patients suffering from serious diseases underserved by current therapies. Viridian’s most advanced program, VRDN-001, is a differentiated monoclonal antibody targeting insulin-like growth factor-1 receptor (IGF-1R), a clinically and commercially validated target for the treatment of thyroid eye disease (TED). VRDN-002 is a distinct anti-IGF-1R antibody and incorporates half-life extension technology. VRDN-003 is an extended half-life version of VRDN-001. Both VRDN-002 and VRDN-003 are designed for administration as convenient, low-volume, subcutaneous injections. TED is a debilitating autoimmune disease that causes inflammation and fibrosis within the orbit of the eye which can cause double vision, pain, and potential blindness. Viridian is based in Waltham, Massachusetts.

Investor & Media Contact:
John Jordan
Viridian Therapeutics
Vice President, Investor Relations and Corporate Communications
617-272-4691
IR@viridiantherapeutics.com

FAQ

What is the purpose of Viridian Therapeutics' recent stock offering?

The purpose of the stock offering is to support clinical development programs, working capital, and general corporate purposes.

How much did Viridian Therapeutics raise in their public offering?

Viridian Therapeutics raised approximately $311 million in gross proceeds from their public offering.

What was the price per share for the additional stock issued by Viridian?

The additional stock was issued at a public offering price of $23.50 per share.

How many additional shares did Viridian Therapeutics issue?

Viridian Therapeutics issued an additional 1,725,000 shares of common stock.

Who managed the stock offering for Viridian Therapeutics?

Jefferies, SVB Securities, and Evercore ISI acted as joint book-running managers for the offering.

What is Viridian Therapeutics' main focus in their clinical programs?

Viridian Therapeutics focuses on developing treatments for thyroid eye disease and other serious diseases underserved by current therapies.